Pledge of assets
Known as the Banking Act
The act spans §§ 58–58 (88 sections).
1953 Comp., § 48-22-29, enacted by Laws 1963, ch. 305, § 29.
A bank may pledge its assets to:
A. enable it to act as agent for the sale of obligations of the United States;
B. secure borrowed funds; or
C. secure deposits when the depositor is required to obtain such security by the laws of the United States, the terms of any interstate compact or by the laws of any state.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.